As per Fact.MR, a market research and competitive intelligence provider, the global biomedical refrigerators and freezers market is anticipated to top US$ 6 Bn by 2031, progressing at a CAGR over 6% over the forecast period of 2021 to 2031.
Growing prevalence of various diseases is projected to boost demand for vaccines in healthcare institutions globally. In addition, increasing advancements in biobanking techniques are projected to impact global market growth positively.
Treatment of various diseases will also continue to boost demand for blood and derivatives of blood. Biomedical freezers and refrigerators are projected to witness significant demand in research laboratories, blood banks, educational institutions, hospitals, and diagnostic centers. Surge in demand for storage of biomedical samples will continue to fuel adoption of biomedical refrigerators and freezers across regions.
Moreover, growth of cell therapy has significantly revved up production of medicines, custom-made vaccine products, and blood transfusion. Increasing demand for storage of biomedical samples and products attributed to growing need for cell therapy is further projected to boost demand for biomedical freezers and refrigerators.
Key Takeaways from Market Study
- Global biomedical refrigerators and freezers market to top US$ 6 Bn by 2031.
- Plasma freezers projected to reach around US$ 2.5 Bn by 2031.
- Blood bank refrigerators projected to record above 4% CAGR over next 10 years.
- Market in North America holds share of more than 50%.
- Market in South Korea expected to reach valuation of US$ 600 Mn by 2031.
- Market in Russia to record 3% CAGR over forecast period of 2021- 2031.
“Growing developments in biobanking technology have transformed various aspects of science, including biospecimen science and biorepository. Moreover, development of various software applications that help in storage management of blood and other biomedical samples is further projected to positively impact global market growth of biomedical refrigerators and freezers,” says a Fact.MR analyst.
How is Investment in Research & Development Fueling Market Growth for Biomedical Refrigerators and Freezers?
Increasing investment in research & development activities will continue to bolster demand for technologically modern biomedical refrigerators in the healthcare industry.
As researchers are increasingly focusing on developing innovative techniques and products for treatment procedures, the freezer monitors market is expected to surge across the world over the forecast period.
Demand for medical refrigerators and medical freezers is further expected to witness significant demand from educational and research institutes. Bound to these factors, the global refrigerators and freezers market is expected to witness significant growth over the next ten years.